Two questions. One is regarding cost of equipment. So there is also equivalent decline in your other expenses line item. So is there -- like should we assume that is because of subcon or is there any other reason for that?
That's only a quarterly fluctuation. As you guys mentioned, Q2 will see some recovery. So this line item will also go down?
Sir, three questions. In Q4, we had a big decline in TCV on a Y-o-Y basis. And then when I look at it on both sides, like net new as well as renewals, if you can just help me understand why would we see such a decline in renewal as well. And second is when do you expect this trend to reverse on the TCV side given that pipeline is strong and your win rates appear to be high?
So this last 6 months of decline, you do not think it is a trend? It is just reflecting...
Just two questions, both related to revenue. One is -- did you guys mention in the opening remarks that there's some one -time revenue, which has come in this quarter? And therefore, growth should be a little less compared to what would be the case usually?
So they are not really onetime, but we should say that possibly it is part of our strategy and we have to see how these change requests happen in Q4, right?
One or two questions, one is on TCV, like I think last time when you took over, there was some change in incentive plan because of which TC Vs were supposed to convert into revenues little faster or better, is th ere something we should expect in FY24-25 or do you think that will take some time to reflect?
And the second is related to your margin outlook , like 15.5 to 16.5 per cent seems to be at the lower end of the industry, I think from top 20 companies perspective, whereas wage hikes are behind hiring may pick up, but subcon you have an opportunity , so is there a scope for this to sort of go more towards 17%-18% rather than staying at 15.5% or 16%?
Sir, three questions. First is on TCV. Now should we see this number, like 1Q '25 from a Y -o-Y standpoint, should we see this number accelerate as we move ahead or do you think this is enough for us to generate 22%, 24% wherever we end up in te rms of growth? So that was one. Second, capex. Capex seems to be on the higher side for us, you spoke about various centers being opened. So how should we see this number for FY '25? And the last is on the JV QORIX. Now is the investment complete or should we anticipate some more investment or infusion of IT from KPIT or from ZF into the JV?
And on a slightly longer-term basis, like should we expect to pick up, say, Q2, Q3? Do you think this around 200 number is good enough?
It is a continuation from the previous question. What kind of margins are you looking at from a 1- 2 year standpoint now that a little bit of growth comfort is coming back into the numbers? So that is one. And second while we are looking optimistic from a first half perspective there is no growth in TCV yet. So how should we look at TCV from say last 4, 5, 6 quarters average perspective?
TCV growth.
Sir, 3 questions. One is on TCV. So if I adjust for the BFSI deal cancellation that you spoke about, our TCV growth for FY '24, is it still 15%? Or should we look at it say, 14% or 13%? That's the first question. And the second is on CapEx. Like our CapEx is still high, while for the whole year employee addition is not there. So what should we expect there in FY '25? And third is on BFSI decline. Like can you share services growth in this segment for the quarter? Because last time you spoke about very high pass-through component in BFSI.
So last quarter, you spoke about a significant pass-through portion in the BFSI segment revenue. Is it through now? The revenue number that I'm looking at 4Q FY '24, BFSI segment, is it services or what would be the services growth number for Q4 on a sequential basis?
One is a follow-up to the previous one on furloughs. We do not have much decline, so to say, in BFSI, which used to be into furloughs higher than other verticals. And second on the North Amer ican side as well. So is this more specific to like Europe where you have declined more and Retail? Or do you think it has more to do with BFSI and US?
We used to have pass-through in Manufacturing, right? Or this time, is it in BFSI?
Sir, one question. In margins, was there some benefit that you guys received during the year from unknown reversal or other things, which gets accounted for an EBITDA? Or how should we look at it for 4Q and for FY24 ?
So we need not adjust EBITDA for the INR200 crores kind of figure?
Sir, just one question on Transportation, like we were hoping for some growth in 4Q. So, what happened here and why the 6 months of flattishness in that particular vertical, while we have won few large deals.
So now for transportation, we are building in Q4, Q1, Q2 more or less range bound and then look at it from a third quarter standpoint?
Sir, two questions. First is on this order backlog. So the growth that we are talking about, the 25% number, I'm assuming this is purely organic. Like given the year, you have not included quarterly intakes from other entities.
And Q3 23?
First is on the pricing benefits that you spoke about. So , is it complete as of Q2 or we should expect some benefit in Q3 , Q4 as well? And the related thing is, should we assume pricing benefits are largely narrow or is it broadly spread across verticals? And then I have a follow up.
Second was related to Q3 furloughs. I think you spoke about some slowdown in Q3 and then picked up in Q4 or do you expect growth to be more evenly spread given we are anticipating telecom recovery?
First is as a follow up, so you are saying high-tech growth, we should expect to continue in Q4 as well, is that understanding correct?
The second one was BFSI we saw this decline during the quarter, now is that something we are say ramped our project completions are behind this, or should we expect that to continue in Q4 as well?
Sir, first is on pricing trends. Do you see an uptick in pricing given that growth is back for us, at least for the last two quarters? That was one. The related thing is, what is the headcount requirement we're looking at, say, the next two quarters?
Right. And, sir, one follow -up on this. So if I get it right, you guys are waiting for flattish kind of margins over in the second half. But, if our pricing environment is steady and as you said in the opening remark of the speech, that most of the investments are behind. Shouldn't we expect some uptick in margins as we move forward?